- dYdX experience resistance level at $1,272.69.
- In the previous 24-hours, the price of dYdX fell by 6.97%, reaching $1.54.
- dYdX experience resistance level at $1.66.
At the day’s start, buyers drove dYdX prices up to a $1.66 resistance level. By midday, however, sellers had taken control of the market and pushed prices down to $1.54.
Recently, dYdX has been trading at $1.54, down 6.97% in the last 24 hours. This price action indicates a bearish market. A bearish sentiment in the dYdX market is reflected in a 6.98% drop in market capitalization to $100,925,206 and an 8.60% drop in trading volume to $64,115,273.
The Moving Average Convergence Divergence (MACD) line is currently below the signal line (yellow line), indicating that a bearish trend is likely to continue in the near future. The current MACD reading of -0.015 indicates that market participants expect the current dismal disposition to continue for the foreseeable future because it is moving in a negative direction. The bearish sentiment is further supported by the trajectory histogram, which is currently in negative territory, indicating that there is a higher likelihood that the bearish trend will continue.
With a score of 35.33, the Relative Strength Index (RSI) is getting close to the “oversold” level, which means that bears are getting stronger. The relative strength indicator has dropped below the signal line, which indicates that dYdX is currently exhibiting a downward trend. According to this forecast, bears will continue to exert their influence on the market in the near future.
The True Strength Index currently has a rating of -8.8603, which places it below the signal line. The fact that the TSI has moved into the negative territory is evidence that bears currently have control of the market. It’s possible that bearish sentiment will persist for some time if bulls don’t intervene in the market.
The Bollinger Bands are widening, with the upper band currently sitting at 1.179 and the lower band sitting at 1.527. Because of this BB activity, it appears that selling pressure is increasing, which is causing investors to flee the market out of fear that the dYdX price may drop significantly. These levels act as immediate support and resistance for the price of dYdX.
The ADX line in the 2-hour price chart is moving towards overbought territory, indicating that buyers have reason to anticipate a bullish trend in the near future. The ADX reading is 23.02.
In conclusion, the technical indicators suggest that the current downward trend in dYdX price will persist in the near future.
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Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.
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